The most wanted type of home in Canada is a single-family home. You might assume that only homebuyers are interested in this kind of property.  However, single-family homes also appeal to renters. The demand for single-family rentals is unlikely to decline given the growing population and the overall problem of affordability. This suggests that real estate investors should seriously think about purchasing this form of investment property.

We’ll be looking at the pros and cons of this kind of real estate investment today to help you determine if buying a single-family home is the correct choice for you.

What is a Single-Family Home?

All properties with a single dwelling and land set aside for private use fall under this category. If a single family lives there, it doesn’t matter if the home is one or two stories tall, with or without a garage. This kind of residence has no connections to other residential buildings. In other words, it is independent and located on a separate piece of land.

Advantages of Buying a Single-Family Home

Peace & Quiet

Soundproofing in buildings is regarded as being quite poor in Canada. Additionally, it is common to hear people criticizing their noisy neighbors. Living in a single-family home is wonderful if you are particularly sensitive to noise.

There won’t be anyone above you, below you, or on your side, resulting in a calm and pleasant atmosphere. There will be greater space in a single-family home, including top floors and perhaps a garden or terrace.

Privacy

Single-family homes offer privacy from your surroundings in contrast to multi-family buildings. One of the more obvious advantages is the ability to live your life as you wish without having to worry about upsetting your neighbors.

Single-family homes have certain benefits that are difficult to match, from a private yard to the opportunity to design your own distinctive home.

Customization

Nothing says “our home” quite like a single-family home.  Unlike the other types of homes, these homes only have one property unit and only one family owns the land. This offers property owners the remarkable chance to build their dream homes on their own piece of land.

When you buy a single-family home in Montreal; you will have the freedom to make any renovations you desire. As long as you have the required permits, none of your neighbors will have a say in whether you plan to expand the kitchen, renovate a basement, or even add a sitting area to your yard. One of the major benefits of having a single-family home is the chance to increase its value through the many upgrades and additions that will be made over the years.

Value

Although buying a single-family home will commit you to a mortgage agreement, it will ensure that your property will be worth far more. You can be sure that you will be able to resell quickly and profit in the coming years if you invest in a desirable location that is close to all amenities.

For instance, the same reasoning may be used across Canada, even in more costly regions like Toronto, Ontario real estate.

Disadvantages of Buying a Single-Family Home

Price

The biggest disadvantage of buying a single-family home is the cost, which will unavoidably require you to take on debt over a long period of time. A more expensive property may prevent you from finishing other projects that a condo purchase may have allowed.

To discover the home of your dream at the best price, it is always advised that you work with a real estate broker.

Housing Taxes

It is obvious that taxes for a single-family home will always be higher than those for a condo because housing taxes are determined by the value of your home.

Therefore, when you become the owner of a single-family home, be prepared to spend more on housing taxes.

Maintenance

If you stay in an apartment complex or condo, the management will employ a professional to handle problems like leaks or clogged toilets.

However, a single-family home’s owner is responsible for performing all maintenance tasks by themselves or hiring a professional to do the maintenance. It is the responsibility of the property owner to repair roofs, tend to plants, shovel snow, and mow lawns.

Fewer Amenities

Condo developments frequently have amenities. For example, they could have tennis courts, gyms, and pools. They were built with the intention that people would use them and be attracted to the building by them.

Unless they are a part of the home’s grounds, single-family homes typically do not have access to facilities like these.